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15 Apr

Tips for Saving for a Home: A Smart Move

Tips for Saving for a Home: A Smart Move

Whether you are in the process of looking for a home or simply considering the possibilities, it is important that you understand the ways you can make a smart move into a new home and keep cash in your pocket.

Check out the top six ways SR Homes helps homebuyers make a smart move while saving for a home:

Closing Costs
SR Homes will pay toward closing costs, which can include yearly HOA dues, homeowners insurance, discount points to pay down the rate and property taxes. According to Zillow, homebuyers typically pay between 2 and 5% of the purchase price of their home in closing costs. For example, if your home costs $150,000, homebuyers might pay anywhere from $3,000 to $7,500 in closing costs.

Expenses
When you close on a new home, you skip a month of mortgage payments, which helps you adjust from the expenses of a move and settle into your new home. This ‘skipped’ mortgage payment is because mortgage payment are made in arrears, as opposed to rent payments which are paid in advance. This means that you do not have a mortgage payment the month following the closing, but your first payment is not due until one month after the last day of the month you close in, according to The Lenders Network.

Options
You may have the option to waive escrows, which reduces your monthly payments as a safety net, allowing you the option to keep hundreds of dollars on hand per month.

Mortgage Rates
Mortgages rates remain at extraordinarily low levels, saving homebuyers hundreds of dollars on their monthly payment while allowing them to get into the home they have always wanted. According to Builder Magazine, mortgage rates dropped to a 12-month low in February.

Down Payments
With today’s mortgages, homebuyers can put less money down, have the option to recast in the future and recalculate future payments to pay the mortgage down.

Resources
The SR Homes preferred lenders are available to help. Even if now is not the time for you to buy, they serve as a great resource to help plan for your future home and answer questions.

At SR Homes, the dreams and vision you have for your new home are an important part of our process. From the minute you walk into an SR home, you notice the distinct exteriors, the carefully selected luxury details and the innovative ideas incorporated into the interior spaces. Learn more about the SR Homes homebuying process here.

*Information subject to change.

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